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GENERAL DYNAMICS POSTS STRONG FIRST QUARTER

21 Jul 04. General Dynamics (NYSE: GD) today reported 2004 second quarter revenues of $4.8 billion, compared to 2003 second quarter revenues of $3.9bn. Net earnings in the 2004 second quarter were $300m, or $1.49 per share on a fully diluted basis, (2003: $242m, or $1.22). Net cash provided by operating activities was $361m for the quarter. Free cash flow from operations, defined as net cash provided by operating activities less capital expenditures, was $296m. Funded backlog at the end of the second quarter was $26.4bn, and total backlog was $41.1bn, (2003: $27bn and $41.6bn, respectively).

“General Dynamics’ continued focus on program performance generated excellent results in the quarter,” said Nicholas D. Chabraja, General Dynamics chairman and chief executive officer. “The business aviation group more than doubled its earnings over the year-ago period as a result of our cost curtailment efforts and tightened control over pre-owned activity. Information Systems and Technology and Combat Systems continued to provide strong revenue growth with healthy margins, and Marine Systems’ year-over-year performance was significantly improved,” Chabraja said.

“Our strong cash flow allowed us to further strengthen our balance sheet by reducing net debt almost $300m in the quarter,” Chabraja said. Net debt is defined as total debt minus cash on hand.

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